MYOB on Monday reported record revenue of $140 million for the first half of 2014, up 21 per cent on the previous half, on the back of strong demand for cloud-based accounting software.
The company has invested $40 million in research and development this year to expand its cloud offerings for SMEs. It launched MYOB PayDirect to enable credit card payments on a smart phone; and the MYOB OnTheGo app.
“In the first half of this financial year, we continued to capitalise on this strong base with rapid adoption from new and existing clients,” said MYOB CEO Tim Reed.
More than 86,000 clients were using cloud files, up from 43,000 12 months ago; and 63 per cent of all new product registrations in July were for cloud solutions, up from 36 per cent last year.
Reed said the recently announced acquisition of PayGlobal has doubled MYOB’s presence in the mid to large sized business market in Australia and New Zealand.
“It is a complimentary offering to MYOB EXO (ERP software) and in early 2015, we expect to introduce new cloud-based business management system for larger enterprises.”
MYOB’s EBITDA was up 29 per cent to $70 million. Operating expenses increased by 11 per cent as the company added 100 new jobs over the period to meet rising customer demand.
Read more: Accounting software for small business
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